Lydian Drilling Intersects 98 Meters at 1.9 g/t Gold Below Current Pit-Shell at Erato and 60 Meters at 1.4 g/t Gold 80 Meters Outside the Pit Shell at Arshak
| 20 Nov 2012 07:00 ET || |
Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, today announced results from additional drilling at its Amulsar gold project in Armenia. Amulsar is a feasibility stage (see press release September 7, 2012) high-sulfidation style, heap-leach gold project with reported CIM compliant Proven and Probable reserves of 2.29M Oz Gold at 0.8 g/t and 9.98M Oz Silver at 3.3 g/t and a resource of 0.2M Oz Gold at 1.0 g/t in Measured and Indicated categories and 1.1M Oz Gold at 0.9 g/t in the Inferred category.
Results have been received from a further 33 drill holes at Amulsar including infill drilling at Erato and Tigranes and further step-out drilling at Arshak (see Table and Figures in Appendix).
Notable intersections include:
- DDA-341 (Artavasdes) 29 meters at 1.0 g/t gold,- DDA-347 (Arshak) 60 meters at 1.4 g/t gold,- DDA-348 (Tigranes) 20.9 meters at 1.2 g/t gold (EOH),- DDA-350 (Erato) 46 meters at 1.0 g/t gold; and 61 meters at 1.1 g/t gold,- DDA-351 (Erato) 22 meters at 1.0 g/t gold,- DDA-352 (Crushing Site) 40 meters at 1.0 g/t gold,- DDA-353 (Tigranes) 20 meters at 1.0 g/t gold; and 19 meters at 1.1 g/t gold,- DDA-354 (Artavasdes) 13 meters at 1.0 g/t gold,- DDA-357 (Tigranes) 14.1 meters at 1.8 g/t gold (EOH),- DDA-358 (Erato) 98 meters at 1.9 g/t gold,- DDA-360 (Tigranes) 60 meters at 1.0 g/t gold,- DDA-361 (Tigranes) 68 meters at 1.2 g/t gold,- DDA-362 (Crushing Site) 19 meters at 1.0 g/t gold; and 21 meters at 1.0 g/t gold,- RCA-468 (Arshak) 16 meters at 1.0 g/t gold,- RCA-471 (Arshak) 12 meters at 1.0 g/t gold; and 29 meters at 1.0 g/t gold,- RCA-476 (Tigranes NE) 12 meters at 1.3 g/t gold,- RCA-480 (Tigranes) 17 meters at 1.0 g/t gold
Drilling at Amulsar continues to outline new areas of gold mineralization, both at depth and laterally around the margins of the current pit-shell. Drill hole DDA-358 returned 98 meters at 1.9 g/t gold below the current Erato pit-shell (see Cross Section A-A'), and DDA-350 returned 61 meters at 1.1 g/t gold in the east of Erato, where further drilling is currently underway.
At Tigranes, drilling is also identifying further gold potential at depth, with DDA-348 returning 8 meters at 1 g/t gold and 20.9 meters at 1.2 g/t gold (EOH) up to 60 meters vertically beneath the current pit-shell (see Cross Section B-B').
Following the discovery of gold mineralization at the proposed crusher location some 600 meters to the east of the Erato pit-shell (see Press Release, September 24, 2012), further confirmatory drilling has been conducted and has returned 33 meters at 1 g/t (DDA-352) and two separate intersections of 17 meters and 18 meters at 1 g/t gold (DDA-362; see Figure in Appendix) Further geological work will be carried out to ascertain the extent of this mineralization and whether it forms a continuation of gold mineralization at Erato.
Drilling at Arshak continues to confirm the potential for resource extension towards the east and southeast. Notably DDA-347 returned 60 meters at 1.4 g/t gold and RCA-471 returned 11 meters and 29 meters at 1 g/t gold with both holes located approximately 80 meters outside the current pit-shell.
CEO and President of Lydian International, Dr. Tim Coughlin says "This is another solid round of drill results further confirming the resource potential at Amulsar. Drilling at Erato has returned exciting results all year and new results from close to the proposed crusher location, some 600m east of the Erato pit-shell are particularly encouraging. Drilling continues on-site and is likely to do so until winter fully settles in over the coming weeks."
The information in this news release was compiled and reviewed by Dr. Timothy Coughlin, BSc (Geology), MSc (Exploration and Mining), PhD (Structural Geology), FAusIMM, President and CEO of Lydian International Ltd and a qualified person as defined by National Instrument 43-101.